Analysis for October 19th, 2012
The EUR/USD currency pair started a corrective movement. Yesterday the price completed the first descending impulse and corrected it. Today we can see the second impulse, it has already reached its target. Later we can expect a slight correction, a test of 1.3085 from below, and the continuation of the descending movement with the target at 1.3029.
The GBP/USD currency pair completed the first impulse and corrected it. Today we can see the formation of the second impulse. Later we can expect the price to correct this impulse, a test of 1.6095, and then form one more impulse with the target at 1.6030. This may be the end of the correction. After that the pair may continue growing up to reach the level of 1.6215.
The USD/CHF currency pair is moving inside a narrow trading range. Yesterday the price managed to start growing up. Today the pair is expected to break this range upwards and reach the target at 0.9270. Later the price may fall down towards the level of 0.9200.
The USD/JPY currency pair reached another target of the growth. Yesterday the price completed the first descending impulse and defined the borders of a trading range. Today the pair is expected to break the level of 79.07 and then reach the target at 78.70. Later the price may continue forming an ascending wave to reach the target at 79.70.
Yesterday Australian Dollar defined the upper border of the second impulse inside the current wave. Today the price is expected to correct the first impulse, break the level of 1.0364, and then reach the target at 1.0320. Later the pair may continue growing up towards the level of 1.0420.
Gold continues a correction of the first ascending impulse, we may assume that the target of this structure is at 1732. Today the instrument is expected to grow up, break the level of 1752, and then reach the target at 1732.
RoboForex Analytical Department